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Things have been marked up hugely on paper, especially if you’re in Uber or Pinterest. But LPs are very focused on cash returns, and while last year was a great year for venture firms like Greylock, Accel, and Benchmark, which returned substantial capital back to LPs, there aren’t a lot of seed funds that could say [the same]. Full investment news article

LPs also want to catch the next Mike Maples; they want to buy an option to get into your later funds. Instead of writing a $25 million check to one firm, they’ll write five $5 million checks with the hope that they might be able to give [the best of those small funds] $50 million the next time. Full investment news article